Exhaust valves of high compression internal combustion engines are subjected to extremely high temperatures and corrosive exhaust gases. Furthermore the exhaust valves are subjected to strong tensile and bending stresses at the neck portion due to the spring forces applied by valve springs. As described in U.S. Pat. No. 4,073,474 to control cost and improve performance only the head portion of the valve is made of a high temperature alloy and the remaining stem portion is made of a conventional valve steel and the head and stem portions are joined by friction welding after the valve head portion is forged. A hard seat material is overlaid on the seat portion of the head portion and the valve is ground to its finished shape.